What next for Thomas Cook?

Could the operator be broken up or sold?

The Economist outlines the possible future for Thomas Cook – the tour operator dubbed “too big to fail”. It’s a possibility, for example, that the group could be broken up since it’s the UK part of the business that is so unhealthy, dragging down the relatively healthy German and Scandinavian parts. Or a private-equity company could buy it.
The fact is that for now, the banks are already in too deep to refuse Thomas Cook the further financing it says it needs. If the operator giant went under, the Civil Aviation Authority, which regulates all aspects of aviation in the UK, could also go bankrupt as the authority is also tour operators’ insurer of last resort. But Thomas Cook may not get away with any more future requests to the banks.
The Economist